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Forex millionaire

  • #61
  • Jul 17, 2018 3:21am Jul 17, 2018 3:21am
Quoting maria098
{quote} I am sure you must have understand the importance of SL now.
You bet.
Let it turn and find your entry.
  • #62
  • Jul 17, 2018 3:40am Jul 17, 2018 3:40am
Quoting mlawson71
{quote} True, placing it in the wrong place is about as bad as not using it at all.
Thanks & I use my support/resistant knowledge to select my SL & TP positions.
  • #63
  • Jun 21, 2019 11:15am Jun 21, 2019 11:15am
IT's technically possible probably, but I have never met anyone who made millions from forex let's be honest here, however I have met many other people from all other possible industries who worked less hard and still be a lot more profitable anyway for every possible solution out there. So of course you really can make a living but do not expect something more out of it really, it doesn't really works that way, however maybe I am wrong and you will make it easily, correct ? Who knows all this, only by trying we can see ....
  • #64
  • Jun 21, 2019 3:15pm Jun 21, 2019 3:15pm
I understand the appeal this trend title may have for all traders. With some experience, however, I think it's the wrong objective to have, and it is a dangerous one...

If I had to narrow down what piece of advice I would give a beginner to just one, I would say:

**Don't put all your eggs in one basket.**

Not in the sense that you need to spread your investment among several uncorrelated currencies.

That goes without saying

I mean these words in the sense that, just like you wouldn't put all your eggs in the same basket in trading, don't do it in life either.

**Don't rely solely on forex trading to make a living.**

If you do, you'll be subject to the effect so well described in the first post of this thread.

If you do, you will not have the cool-mindedness that is crucial to becoming successful in forex trading.

I wrote an article called 7 Surprising Things I Wish I Knew Before I Started Trading Forex, and, to me, this is the most crucial point. Feel free to have a read if you are curious about the other 6
  • #65
  • Jun 23, 2019 12:26am Jun 23, 2019 12:26am
Quoting FXAficionada
I understand the appeal this trend title may have for all traders. With some experience, however, I think it's the wrong objective to have, and it is a dangerous one... If I had to narrow down what piece of advice I would give a beginner to just one, I would say: **Don't put all your eggs in one basket.** Not in the sense that you need to spread your investment among several uncorrelated currencies. That goes without saying I mean these words in the sense that, just like you wouldn't put all your eggs in the same basket in trading, don't...
What is the link about? Is it your own website? Why you added this link?
  • #66
  • Jul 12, 2019 12:57pm Jul 12, 2019 12:57pm
I also think it should be very very good idea about everything you may imagine. But how do you plan to become one with Forex only ? It's really a tough task anyway for anyone you can even imagine. How do you want to go further ? I know many people who did million and not one from stocks, lot of them are living in California and New York in case if you are interested, so please be prepared to anything of that one. Ask somebody to lecture you if needed.
  • #67
  • Jul 20, 2019 7:37pm Jul 20, 2019 7:37pm
It's been almost 14 months now. Can you even make $1 a day yet? That should be the first goal...daily profit, then go from there. Good Luck.
You cannot be extraordinary by being normal
  • #68
  • Jul 21, 2019 6:41am Jul 21, 2019 6:41am
Quoting dkrock
It's been almost 14 months now. Can you even make $1 a day yet? That should be the first goal...daily profit, then go from there. Good Luck.
Yes; we should go gradually according to our plan! Nothing is impossible here but anything like unrealistic target would be costly for sure!
  • #69
  • Jul 23, 2019 5:35am Jul 23, 2019 5:35am
It's possible, but most quit before they hit the eureka moment, it's never easy but it's possible
  • #70
  • Jul 29, 2019 6:45am Jul 29, 2019 6:45am
Quoting tylerbose
{quote} I knew a guy like that, not even institutional, he turned $100 into a little over $100k in 8 days. i know for a fact that it is possible. that being said 100k isn't millions, i'm assuming there is a limit to how big your orders can get before you start to move the market on your own.
100$ to 100K?? When, before 2012? When I the market was more volatile!!
  • #71
  • Sep 29, 2020 10:11am Sep 29, 2020 10:11am
Quoting Infassen
IT's technically possible probably, but I have never met anyone who made millions from forex let's be honest here, however I have met many other people from all other possible industries who worked less hard and still be a lot more profitable anyway for every possible solution out there. So of course you really can make a living but do not expect something more out of it really, it doesn't really works that way, however maybe I am wrong and you will make it easily, correct ? Who knows all this, only by trying we can see ....

I think it’s possible if it takes 5-10 years. I believe in trading that slow and steady wins the race.
  • #72
  • Dec 10, 2020 1:03am Dec 10, 2020 1:03am
I think it is very difficult to become a millionaire in Forex trading but with the help of a good strategy, we can make a good amount of money. But still, you need to have good knowledge and skills to become a successful trader.
  • #73
  • Dec 10, 2020 10:24am Dec 10, 2020 10:24am
Forex is a sea of money. If you can swim in this sea you can make huge amount of money from this market.
  • #74
  • Dec 10, 2020 10:46am Dec 10, 2020 10:46am
The way I think about it is has the foreign exchange ever created millionaires for people who have only deposited thousands of dollars? Did they make it without ever depositing anymore money?

I think it is possible especially if they scaled their business. If someone spends a lot of time in demo accounts and master forex trading strategies that has them beating the market with the fake money then I think it is possible they can become millionaires. I just do no think it will ideally happen with a few trades. Theoretically it is possible, more realistically I truly beleive it can happen by sticking to what the market gives you based on your fx trading strategy. I think you can accelerate your trading income by continuously learning after your initial deposit and become a more knowledgeable trader which should increase your win rate.
  • #75
  • Dec 10, 2020 2:51pm Dec 10, 2020 2:51pm
Quoting JmFinancials
it is possible but do you have mental capacity to handle it?
Very profound question to ask. If you're not used to that kind of money maybe you would be prone to self-sabotage when you're mindset if not properly aligned/disciplined.
  • #76
  • Dec 16, 2020 5:40am Dec 16, 2020 5:40am
forex is the million dollar market. It's also not easy to get money out of the market. Despite being greedy, everyone has it
  • #77
  • Last Post: Dec 25, 2020 2:00am Dec 25, 2020 2:00am
Quoting Dmoneyzzz
{quote} Very profound question to ask. If you're not used to that kind of money maybe you would be prone to self-sabotage when you're mindset if not properly aligned/disciplined.
True, it is one thing to become rich and a totally different thing to wisely use that money. Not everyone is capable of doing just that.
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